Public, non-traded real estate investment trust Carey Watermark Investors 2 (CWI 2) recently acquired the Courtyard Nashville Downtown, a select-service hotel that offers 192 guestrooms in downtown Nashville, Tennessee.
Listed on the National Register of Historic Places, the 12-story, historic building originally built in 1895 was home to First National Bank from 1905 until 1998, the year it was converted to the Courtyard.
The property just completed a $2.9 million renovation in April with upgrades to guest bathrooms and corridors plus a full replacement of soft and case goods in the guestrooms. The lobby was renovated in 2012.
“CWI 2’s investment in the Courtyard Nashville Downtown represented the opportunity to secure a well-located, newly renovated select-service hotel in a market we have been actively targeting as a result of its recent growth and strong outlook,” commented Michael Medzigian, Chief Executive Officer of CWI 2.
The hotel is conveniently located within the Printers Alley Historic District, which offers 15 historic buildings built between 1874 and 1929, and Nashville’s central business district, home to over 15 million square feet of office space. Additionally, it’s in close proximity to restaurants, nightclubs, and entertainment centers like the Country Music Hall of Fame.
“We believe that the hotel—with its attractive location within Nashville’s historical district coupled with the uniqueness of the historic property—represents a strong addition to CWI 2’s portfolio,” said Medzigian.
Other amenities within the hotel include 3,226 square feet of meeting space, a lobby restaurant and lounge concept, a business center, and a 24-hour fitness center.
CWI 2 commenced its initial public offering at the end of February 2015. It intends to focus on acquiring lodging and lodging related properties.